- Bitcoin (BTC) experienced a surge in transactions, resulting in a total of $217.28 million being liquidated in the past 24 hours.
- Short positions accounted for $157.92 million of the liquidated transactions, while long positions accounted for $59.35 million.
- Binance and Bitmex were the prominent exchanges involved in the liquidation process, with Bitmex experiencing a significant amount of short positions.
Overall Summary: Bitcoin witnessed a surge in transactions, leading to a total liquidation of $217.28 million in the past 24 hours. Among these liquidated transactions, short positions accounted for $157.92 million, while long positions accounted for $59.35 million. Binance and Bitmex were the main exchanges involved in the liquidation process, with Bitmex experiencing a substantial number of short positions.
The Impact of Liquidation on Bitcoin Transactions
In the last 24 hours, Bitcoin (BTC) has seen a significant increase in transactions, resulting in a total liquidation of $217.28 million. This surge in activity is primarily attributed to the consecutive ETF applications made by various companies, which has propelled BTC to test the $30,800 mark within hours. Breaking the seemingly impenetrable barrier of $30,000 on the third attempt has directly influenced the liquidation data. Out of the total liquidated transactions, $157.92 million can be attributed to short positions, while $59.35 million comes from long positions.
The Significance of ‘Short’ Position Liquidation
One notable detail from the liquidation data is the involvement of exchanges. Binance, for instance, witnessed a total liquidation value of $67.98 million in the past 24 hours. Among all exchanges, Binance accounts for a 31.29% share in terms of liquidation, with short positions constituting 74.71% ($50.79 million) of the total liquidated transactions.
Bitmex, on the other hand, stands out in terms of the proportion of short positions in the liquidation process. Although Bitmex has a lower liquidation value compared to other exchanges, approximately 99.66% of its liquidated transactions are related to short positions. This has sparked discussions within the cryptocurrency community as it contradicts the expectations of Bitmex users, who were predominantly anticipating a market surge. The unexpected movement in the market over the past 24 hours has set a historical precedent.
